This is a recent example of our experience selling a .co.uk domain name via Sedo. If you are new to domains or Sedo this will give you a guide on the process and the time scales involved.
This is the hardest part of selling a domain – how much to ask?
Ask too much and the buyer may lose interest. Ask too little and you may not get the best price possible for your domain.
You can use http://www.domainprices.co.uk to get an idea of recent .co.uk domain sales prices or ask to an appraisal on the [http://www.acorndomains.co.uk] appraisal forum.
Come up with a price that allows you some room to haggle but don’t get so greedy you scare off the bidder. This can be an anxious time, waiting for the domain prospect to come back with an offer.
Do not forget to allow for Sedo transaction fees and Nominet transfer fees during the negotiation stage. We asked for the buyer to pay Sedo’s fees (10% of sale price) and the Nominet fees on top of the sale price, which they agreed to.
We started negotiations on our domain on the 21st June and reached agreement on the sale price and fees on the 1st July.
Sedo Transfer Process
Having agreed the sale price, Sedo sent the buyer an Invoice on the 1st July. The invoice is in your name and is placed in the buyer’s user account. Once the buyer has made payment (into Sedo’s Escrow account), Sedo ask the buyer to make a transfer request at their registrar or if the buyer has an account at the domain’s current registrar, they ask you to move it to his account.
NB: Make sure the administrative email address for your domain is active and that you can receive emails from it or you will have trouble with the transfer process.
Once the transfer has been completed and the WHOIS information shows the buyer’s name, Sedo send you the money.
Tip: Add your bank details to your Sedo account if you want to avoid Paypal fees for receiving the money.
Nominet Transfer Forms
Sedo didn’t ask us apply to Nominet for the domain transfer forms. Their emails are worded towards .COM domain name transfers.
We knew we would need these so as soon as we agreed a price we emailed Nominet to request them and they arrived 2 days later.
This will save you time.
Sedo receive Payment
We chase Sedo on the 5th July as we had heard nothing. This prompted them to chase the buyer for payment. Sedo advised that the buyer said they were making a bank transfer of the funds that day. We chased again on the 7th July with a response from Sedo that it would take a few more days. So much for electronic funds transfers! Sedo confirmed receipt of the money on the 11th July
Finalising the Transfer
Sedo sent us the Buyer’s details for us contact them about sending the Nominet forms. We already had the forms in hand so signed and sent them on the 12th July. On the 18th July we chased Sedo for any news, they contacted the buyer to see if they had received the forms. 22nd July we noticed the Nominet WHOIS showing the buyers details.
(This is a little unsettling, your domain has been transferred but you have no funds).
Money Money Money
26th July we received an email from Sedo saying they had sent the money to our account. They also stated this can take up to 7 business days. We received the money on the 29th July.
Start to finish, 38 days.